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LEBANON, Tenn.--(BUSINESS WIRE)--
Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the
"Company") (Nasdaq:CBRL) today reported financial results for the second
quarter of fiscal 2014 ended January 31, 2014.

Second-Quarter Fiscal 2014 Highlights

Compared to the prior-year second quarter, comparable store
restaurant sales decreased 0.6% and comparable store retail sales
decreased 3.0%. The Company estimates that the extreme winter weather
during the quarter negatively impacted restaurant and retail sales by
approximately 2.5%.

On a GAAP basis, operating income margin was 8.4% of total revenue,
compared with 8.1% in the prior year quarter. Adjusted for proxy
contest expenses, adjusted operating income margin was 8.5% of total
revenue, compared with an adjusted operating income margin of 8.4% in
the prior year quarter. (See non-GAAP reconciliation below.)

On a GAAP basis, earnings per diluted share were $1.55, or $1.56
when adjusted for proxy contest expenses, a 9% increase over adjusted
earnings per diluted share of $1.43 in the prior year quarter.

Commenting on the second-quarter results, Cracker Barrel President and
Chief Executive Officer Sandra B. Cochran said, "The unusually severe
winter weather significantly impacted our store traffic and sales.
Holiday travelers are an important part of our customer base during the
second quarter, and we believe that the inclement weather reduced travel
visits. I am pleased with the performance of our field teams, who helped
preserve our operating margins by controlling costs during periods of
unpredictable customer traffic. I am also pleased that we outperformed
the traffic and sales of our peers in the Knapp-Track casual dining
index during this time of continued economic uncertainty and severe
weather."

Second-Quarter Fiscal 2014 Results

Revenue

The Company reported total revenue of $698.5 million for the second
quarter of fiscal 2014, representing a decrease of 0.6% over the second
quarter of the prior year. Comparable store restaurant sales decreased
0.6%, including a 2.3% increase in average check. The average menu price
increase for the quarter was approximately 1.8%. Comparable store retail
sales decreased 3.0% for the quarter. The Company opened one store since
the end of the second quarter, for a total of two new store openings
year-to-date.

Comparable store restaurant traffic, average check, and comparable store
restaurant and retail sales for the fiscal months of November, December
and January and for the second quarter were as follows:

Second

November

December

January

Quarter

Comparable restaurant traffic

-0.4%

-4.8%

-3.7%

-2.9%

Average check

2.9%

2.1%

2.1%

2.3%

Comparable restaurant sales

2.5%

-2.7%

-1.6%

-0.6%

Comparable retail sales

-2.8%

-2.8%

-3.6%

-3.0%

The Company estimates that the extreme winter weather had a negative
impact on comparable store traffic and restaurant and retail sales of
approximately 2.5% for the quarter, with the greatest impact in December
and January.

Operating Income

GAAP operating income in the second quarter was $58.7 million, or 8.4%
of total revenue. Adjusted for proxy contest expenses, adjusted
operating income was $59.1 million, or 8.5% of total revenue, compared
with adjusted operating income of $58.9 million, or 8.4% of total
revenue, in the prior year quarter. Reductions in labor and related
expenses and general and administrative expenses were partially offset
by an increase in other store operating expenses.

Diluted Earnings per Share

On a GAAP basis, earnings per diluted share in the second quarter of
fiscal 2014 were $1.55, compared with $1.47 in the prior year quarter.
Adjusted for proxy contest expenses, adjusted earnings per diluted share
were $1.56, compared with adjusted earnings per diluted share of $1.43
in the prior year quarter.

Fiscal 2014 Outlook

Based upon year-to-date financial performance, the Company re-affirmed
its previous earnings guidance and expects to report earnings per
diluted share of between $5.60 and $5.80. The Company noted that it
expects its full year earnings to be close to the midpoint of this
range. For fiscal 2014, the Company now expects total revenue of
approximately $2.7 billion and an operating income margin of
approximately 8.0%. The revenue projection for fiscal 2014 reflects the
expected opening of seven new Cracker Barrel stores, projected increases
in comparable store restaurant sales of between 1.0% to 2.0%, and
approximately flat comparable store retail sales. The Company's
projections are based upon expected food commodity inflation of
approximately 2% for the year; depreciation expense between $68 million
and $70 million; net interest expense between $16 million and $18
million; and an effective tax rate of between 31% and 32%. The Company
expects capital expenditures during fiscal 2014 to be between $90
million and $100 million.

The Company expects to report earnings per diluted share for the third
quarter of 2014 of between $1.20 and $1.30. The Company notes that its
guidance assumes normal weather patterns for the balance of the third
quarter and does not include expenses related to the proxy contest at
its annual shareholders meeting held in November 2013 or expenses
associated with the special shareholders meeting scheduled for April 23,
2014. The Company reminds investors that its outlook for fiscal 2014
reflects a number of assumptions, many of which are outside the
Company's control.

Fiscal 2014 Second-Quarter Conference Call

As previously announced, the live broadcast of Cracker Barrel's
quarterly conference call will be available to the public on-line at investor.crackerbarrel.com
on February 25, 2014, beginning at 11:00 a.m. (Eastern Time). An on-line
replay will be available at 2:00 p.m. (Eastern Time) and continue
through March 11, 2014.

About Cracker Barrel

Cracker Barrel Old Country Store provides a friendly home-away-from-home
in its old country stores and restaurants. Guests are cared for like
family while relaxing and enjoying real home-style food and shopping
that's surprisingly unique, genuinely fun and reminiscent of America's
country heritage…all at a fair price. The restaurants serve up
delicious, home-style country food such as meatloaf and homemade chicken
n' dumplins as well as our signature biscuits using an old family
recipe. The authentic old country retail store is fun to shop and offers
unique gifts and self-indulgences.

Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) was established in
1969 in Lebanon, Tenn. and operates 626 company-owned locations in 42
states. Every Cracker Barrel store is open seven days a week with hours
Sunday through Thursday, 6 a.m. - 10 p.m., and Friday and Saturday, 6
a.m. - 11 p.m. For more information, visit: crackerbarrel.com.

CBRL-F

Except for specific historical information, certain of the matters
discussed in this press release may express or imply projections of
revenues or expenditures, statements of plans and objectives or future
operations or statements of future economic performance. These, and
similar statements are forward-looking statements concerning matters
that involve risks, uncertainties and other factors which may cause the
actual performance of Cracker Barrel Old Country Store, Inc. and its
subsidiaries to differ materially from those expressed or implied by
this discussion. All forward-looking information is subject to
completion of our financial procedures for Q2 FY14 and is provided
pursuant to the safe harbor established under the Private Securities
Litigation Reform Act of 1995 and should be evaluated in the context of
these factors. Forward-looking statements generally can be identified by
the use of forward-looking terminology such as "trends," "assumptions,"
"target," "guidance," "outlook," "opportunity," "future," "plans,"
"goals," "objectives," "expectations," "near-term," "long-term,"
"projection," "may," "will," "would," "could," "expect," "intend,"
"estimate," "anticipate," "believe," "potential," "regular," "should,"
"projects," "forecasts," or "continue" (or the negative or other
derivatives of each of these terms) or similar terminology and include
the expected effects of operational improvement initiatives, such as new
menu items and retail offerings. Factors which could materially affect
actual results include, but are not limited to: the effects of uncertain
consumer confidence, higher costs for energy, general or regional
economic weakness, weather on sales and customer travel, and
discretionary income or personal expenditure activity of our customers;
our ability to identify, acquire and sell successful new lines of retail
merchandise and new menu items at our restaurants; our ability to
successfully implement or sustain plans intended to improve operational
or marketing execution and performance; changes in or implementation of
additional governmental or regulatory rules, regulations and
interpretations affecting tax, wage and hour matters, health and safety,
pensions, insurance or other undeterminable areas; our ability to
successfully implement plans intended to promote or protect our brands
and products; commodity price increases; the ability of and cost to us
to recruit, train, and retain qualified hourly and management employees
in an escalating wage environment; the effects of increased competition
at our locations on sales and on labor recruiting, cost, and retention;
workers' compensation, group health and utility price changes; consumer
behavior based on negative publicity or concerns over nutritional or
safety aspects of our food or products or those of the restaurant
industry in general, including concerns about pandemics, as well as the
possible effects of such events on the price or availability of
ingredients used in our restaurants; the effects of our substantial
indebtedness and associated restrictions on our financial and operating
flexibility and ability to execute or pursue our operating plans and
objectives; changes in interest rates or capital market conditions
affecting our financing costs and ability to refinance all or portions
of our indebtedness; the effects of business trends on the outlook for
individual restaurant locations and the effect on the carrying value of
those locations; the availability and cost of suitable sites for
restaurant development and our ability to identify those sites; changes
in land, building materials and construction costs; the actual results
of pending, future or threatened litigation or governmental
investigations and the costs and effects of negative publicity
associated with these activities; practical or psychological effects of
natural disasters or terrorist acts or war and military or government
responses; disruptions to our restaurant or retail supply chain; changes
in foreign exchange rates affecting our future retail inventory
purchases; implementation of new or changes in interpretation of
existing accounting principles generally accepted in the United States
of America; and other factors described from time to time in our filings
with the Securities and Exchange Commission, press releases, and other
communications.

Any forward-looking statement made by us herein, or elsewhere, speaks
only as of the date on which made. We expressly disclaim any intent,
obligation or undertaking to update or revise any forward-looking
statements made herein to reflect any change in our expectations with
regard thereto or any change in events, conditions or circumstances on
which any such statements are based.

CRACKER BARREL OLD COUNTRY STORE, INC.Reconciliation of
GAAP basis operatingresults to adjusted non-GAAP operating
results(Unaudited and in thousands)

The Company makes reference in this release to "adjusted store operating
income," "adjusted operating income," "adjusted net income," "adjusted
earnings per diluted share," and "adjusted general and administrative
expenses," excluding the impact of severance and proxy contest expenses
and the retroactive restatement of the work opportunities tax credit.
The Company believes that excluding these items and their related tax
effects from its financial results reflects operating results that are
more indicative of the Company's ongoing operating performance while
improving comparability to prior periods, and as such, may provide
investors with an enhanced understanding of the Company's past financial
performance and prospects for the future. This information is not
intended to be considered in isolation or as a substitute for operating
income, net income, or earnings per share or expense information
prepared in accordance with GAAP.

Second Quarter ended January 31, 2014

Second Quarter ended February 1, 2013

As Reported

Adjust

As Adjusted

As Reported

Adjust

As Adjusted

(1)

(1) (2) (3)

Store operating income

88,634

-

88,634

91,027

-

91,027

General and administrative expenses

29,928

(376

)

29,552

33,830

(1,726

)

32,104

Impairment and store dispositions, net

-

-

-

-

-

-

Operating income

58,706

376

59,082

57,197

1,726

58,923

Interest Expense

4,471

-

4,471

10,293

-

10,293

Pretax income

54,235

376

54,611

46,904

1,726

48,630

Provision for income taxes

17,180

119

17,299

11,736

2,637

14,373

Net income

$

37,055

$

257

$

37,312

$

35,168

$

(911

)

$

34,257

Earning per share - Basic

$

1.56

$

0.01

$

1.57

$

1.48

$

(0.04

)

$

1.44

Earning per share - Diluted

$

1.55

$

0.01

$

1.56

$

1.47

$

(0.04

)

$

1.43

Tax rate

31.7

%

31.7

%

25.0

%

29.6

%

Six months ended January 31, 2014

Six months ended February 1, 2013

As Reported

Adjust

As Adjusted

As Reported

Adjust

As Adjusted

(1)

(1) (2) (3)

Store operating income

169,758

-

169,758

172,016

-

172,016

General and administrative expenses

66,815

(3,200

)

63,615

69,511

(5,634

)

63,877

Operating income

102,943

3,200

106,143

102,505

5,634

108,139

Interest Expense

8,878

-

8,878

21,005

-

21,005

Pretax income

94,065

3,200

97,265

81,500

5,634

87,134

Provision for income taxes

29,850

1,015

30,865

23,140

3,847

26,987

Net income

$

64,215

$

2,185

$

66,400

$

58,360

$

1,787

$

60,147

Earning per share - Basic

$

2.70

$

0.09

$

2.79

$

2.47

$

0.07

$

2.54

Earning per share - Diluted

$

2.68

$

0.09

$

2.77

$

2.45

$

0.07

$

2.52

Tax rate

31.7

%

31.7

%

28.4

%

31.0

%

(1)

Charges and tax effects of the proxy contest concluded at the
Company's annual meeting of shareholders.

(2)

Severance, other charges and tax effects related to organizational
changes.

(3)

Provision for taxes adjusted to exclude the $2.1 million prior
year favorable effect of the retroactive reinstatement of the work
opportunity tax credit.